Our curr is INR with 1 Cash acc in USD with balance as on 1 April with applicable exchange rate (65). Now Ex rate is 70. How to make BS reflect increased balance?
Our main currency is in INR. I have an account in USD that tracks some cash in USD currency. I created the account with some balance as on 1 April 2018 and applicable exchange rate of 65. Now the exchange rate has gone up to 70. The USD balance is the same. However, I now want the Balance Sheet to reflect the increased balance in INR as on 31 Dec 2018. What is the best way to achieve this? I difference should be booked in Foreign Exchange profit and Loss account.